Cash-strapped DHFL postpones financial results for quarter and year ended 31 March, 2019 by two weeks

New Delhi: Cash-strapped Dewan Housing Finance Corporation Ltd (DHFL) on Friday postponed its financial results for the quarter and year ended 31 March, 2019, by two weeks.

DHFL said the postponement is due to "certain unforeseen operational engagements including non-availability of a few directors to ensure participation of all the members of the audit committee as well as the board for taking into consideration and approval of the financial results for the fourth quarter/financial year ended 31 March, 2019".

The non-banking finance company has been facing liquidity crisis and has recently defaulted on its repayment obligations.

 Cash-strapped DHFL postpones financial results for quarter and year ended 31 March, 2019 by two weeks

Representational image. Reuters.

The company has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations.

"The date of the board meeting... to consider and approve the audited financial results of the company for the fourth quarter/financial year ended 31 March, 2019, and matters relating to the ensuing annual general meeting, as intimated earlier that 29 June, 2019, is being postponed to 13 July, 2019," DHFL said in a regulatory filing.

Dewan Housing Finance Corporation Ltd (DHFL) earlier this week said it will shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees.

In the latest, the company Tuesday defaulted on 60 percent of principal repayment on its commercial papers worth Rs 375 crore.

The company had said that it defaulted on principal repayment on commercial papers (CPs) worth Rs 225 crore, while the payment on rest of Rs 150 crore (40 percent) was done.

DHFL also said the balance of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days.

Its shares were trading 7.34 percent lower at Rs 75.70 apiece on the BSE.

Updated Date: Jun 28, 2019 15:28:26 IST